Shawn's investment of $81,800.00 in a fund matured to $118,955.51 in 5 years. If the interest in the fund is compounded quarterly, calculate the following rounded to two decimal places. a. Periodic interest rate (i) b. Nominal interest rate (j)

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section: Chapter Questions
Problem 69SGR
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Shawn's investment of $81,800.00 in a fund matured to $118,955.51 in 5 years. If the
interest in the fund is compounded quarterly, calculate the following rounded to two
decimal places.
a. Periodic interest rate (i)
b. Nominal interest rate (j)
SAVE
Transcribed Image Text:Shawn's investment of $81,800.00 in a fund matured to $118,955.51 in 5 years. If the interest in the fund is compounded quarterly, calculate the following rounded to two decimal places. a. Periodic interest rate (i) b. Nominal interest rate (j) SAVE
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